Evotec shares jump on Sanofi agreement

AnthonyShevlin

Shares in Evotec AG (EVT.XE) rose Monday after the company signed a transaction agreement with Sanofi SA (SAN.FR) to combat infectious diseases.

As part of the transaction, France's Sanofi will pay Evotec 60 million euros ($69.6 million) up front and provide the German company with significant long-term funding to ensure the progression of the anti-infectives portfolio, Evotec said.

Evotec will integrate 100 employees into its global drug discovery and development operations as part of the transaction, it said. The positions from Sanofi will be transferred with specific long-term employment commitments, Evotec said.

At 0912 GMT, Evotec shares traded at EUR15.24, up 4.7%.

Dr. Werner Lanthaler, chief executive of Evotec, said: "With the signing of this transaction, Evotec will have created the highest qualified translational footprint in infectious disease research globally with approximately 180 scientists."

Evotec expects the transaction will increase its operating income and be slightly accretive to earnings before interest, tax, depreciation and amortization in the next five years.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.